Business Model Assignment Sample
Introduction
Ve Global is a private advertising company that includes eCommerce, Re-engagement and website optimisation. Ve Global has strengthened its global business by receiving an investment of £15 million.
Ve Global has provided the eCommerce industries with supplies that include video, customer prospecting, online customer services, email marketing, etc. The company was founded in 2009. It was a start-up company and now operates over 15 territories worldwide.
The company has gained various achievements such as Campaign Creative and European Digiday Award. It is now one of the leading start-ups in the world. The company has been listed in the top 50 digital start-up lists in the world.
In this report, we have structured the business model canvas report in order to have strategic management. We have used the business model canvas in order to describe the kay activities and the company’s resources (Joyce, 2016). In this report, we have also discussed several other aspects of the company such as value proposition, customer relationship, and cost structures. However, with the business model canvas we have not described the strategy or the evolution of the model.
Business model canvas report
The business model canvas report is used in this activity in order to analyze several aspects of the digital marketing company, Ve Global. We have structured the business model canvas E-Poster to show different aspects of the company (Planellas, 2019). The business model canvas has helped in the development of future activities.
With the help of business model canvas, we have described various aspects of Ve Global. We have tried to include key stakeholders and different business activities. These business activities include infrastructure, offerings, customers, finances, and revenue streams. In this report, we have discussed different structures related to the company.
Infrastructure
Key activities: used in the value proposition execution.
Key Resources: With the help of key resources, we knew the resources that will be necessary for the customer in order to create value. Ve Global includes several resources such as human, financial, physical, and intellectual.
Partner Network: The partner network helps in operation optimization and risk management.
Offering
Value proposition
The value proposition can be quantitative or qualitative. We analyzed the value proposition in order to fulfill customer demands.
Customers
Customer Segments
We also analyzed the customers’ segments such as mass-market, niche market, segmented, diversity, and multi-sided platform
Customer Relationships
The customer relationship is also covered in the report that includes personal assistance, self or automated service, etc.
Channels
We can use different mediums in order to target the audience. This can be done through various channels. The channel have to fast and cost-effective.
Finances
Cost Structure:
In this part, we have described the important consequences related to the business model. We have covered different aspects such as fixed cost, the variable cost, etc.
Revenue Streams
The revenue systems of the company are also important in which we learned the different aspects of the revenue system.
Digital and data skills used
We have designed the business model canvas E-poster in order to show the functionality of the company. In order to do so, we have applied various digital and data skills. This was necessary in order to have an effective design of the E-poster. We have used several data collection techniques in order to collect the data related to the company.
Data skills
We have focused on the data skills in order to have an innovative approach to the projects. We have used several data collection techniques related to the nine essential components of the business model canvas. We found these skills in the management of the existing business model.
Digital skills
The designing of the business model canvas E-poster requires certain digital skills in order to create the design. We have included all the functionality of the business model canvas in the E-poster. For the design purpose we, have used Creately application.
Creately application is widely used for constructing the diagram and various designs. Creately application doest does not require any certified course in order to create any desired diagrams. We can use the application to create flowcharts, infographics, etc. Creately can be operated on the cloud or on the desktop. It offers easy diagramming and is less time-consuming.
Skills that need to be developed
In order to have an effective development of the business model canvas, we should focus on the technical and software skills. We will also have to upgrade the digital skills. We will have to focus on customer support. They should also focus on data management. We should also focus on the development of entrepreneurial skills in order to lead the projects.
Technological advancements
We have seen the aspects of the advancement in technology in every field. In the business, advanced technology can be applied in order t increase the effectiveness of the company. There are several advanced technologies that can be applied in order to increase the productivity of the company. These technologies are biometric systems, artificial intelligence, internet of things (IoT), Big data analytics, etc. The application of technological advancement is described as follows:
Internet of Things
We have seen several applications of IoT in the business in order to enhance the revenue of the organization (Appio et al., 2019). We have analyzed the potential of the IoT and its application in the existing products. IoT also helps in large data generation and helps with business decisions. IoT also reduced maintenance costs.
IoT has also helped with business management. Inventory management is a major issue with a business point of view that can be handled with the IoT application.
Big Data Analytics
According to the report, we have seen various benefits of Big data analytics in the business industries (Silva et al., 2019). We have used big data applications in order to have better decisions by analyzing huge data.
Big data analytics are used in supply chain management. It can also be applied in the manufacturing industries. Big data applications are used for processing the large data in order to find the best decision for the business.
Artificial Intelligence
We have seen the application of artificial intelligence in business management. The artificial intelligence has helped in the process of the business. This has increased business intelligence (Partridge, 2016). We have used artificial intelligence in several aspects of the business such as customer support, purchase recommendation, targeted advertising, staffing, etc. Artificial intelligence has its great advantages in targeted advertising. This helps in the analysis of customer needs. According to this report, the company could make a decision to increase productivity.
Business innovation
We have worked in group five members from different regions. We have built a business model canvas E-poster in order to show different elements. We have used innovative design methods for the development of the E-Poster.
Business innovation is necessary in order to have an enhanced efficiency of the business. We have classified business innovation in four different types such as incremental innovation, disruptive innovation, architectural innovation, and radical innovation (Teece, 2018). This innovation is classified on the basis of the market analysis of the organizations. There are two main factors influencing innovation such as market and technology.
We have described two different sectors of innovation. Ve Global has undergone service-based innovation a well as the market-based innovation.
Service-based innovation
In the services based innovation, the company focuses on enhancing the products’ services. This type of innovation is called incremental innovation. We have used incremental innovation to increase the value of the product in the market. This is done by using the existing technology in the company. In order to increase the product value, we have focused on its features, design, etc.
Market-based innovation
In order to innovate the product on the market level, we have to collect analyze large data in order to have a clear approach to the change. Market innovation needs a completely new idea that should be more efficient and convenient. This innovation is called disruptive innovation. In this process, we have tried to apply completely new technology in the market. For example, the biggest technological advancements were the development of the PDAs, which had completely new features, and were efficient.
Risk management in innovation
We have used Belbin and Tuckman’s theories are used to dor the development of the team. In this report, we have applied Belbin and Tuckman’s theories for the development of the team to avoid any risk in the innovation. According to the theory of Tuckman, we have focused on processes to tackle the task related to the initial formation fo team (Goodman, 2017). We have applied various approaches related to the development of an effective team. By using Belbin’s theory we considered nine different team role summaries. We have analyzed team structure, team performance, team roles, individual roles, and individual performance. These theories have helped us in the development of the effective team.
Digital innovation also poses risks that cannot be detected during the process but may develop over time. This is credit and compliance risks. There are other risks such as financial crimes related to technology development.
However, we have analyzed the process to manage the risk related to innovation. We have to consider that every innovation will have its own set of innovations. In order to innovate, there should be certain factors assessed by the innovators. Related to the product based innovation, innovators should analyze the skills of the users. We have also considered the unintended aspects of the user. The skill analysis of the user will also help us to understand, how much the user understands the innovation.
Conclusion
This is a business model canvas report related to the Ve Global. We have discussed various aspects of the business processes in order to understand the functionalities of the Ve Global. Ve Global is a private advertising company that includes eCommerce, Re-engagement, and website optimization.
This report also discussed the various elements of the business model canvas. These elements of the business models are value proposition, customer relationship, cost structures, revenue streams, channels, customer segments, key activities, key resources, and key partners.
We have used creatively to design the business model canvas that includes digital skills. We have also seen the application of various technological advancements in the business. The technological advancement is important in order to increase the efficiency of the company.
Reference
Appio, F. P., Lima, M. and Paroutis, S. (2019) ‘Understanding Smart Cities: Innovation ecosystems, technological advancements, and societal challenges’, Technological Forecasting and Social Change. doi: 10.1016/j.techfore.2018.12.018.
Goodman, M. and Dingli, S.M. (2017). Creativity and strategic innovation management: Directions for future value in changing times. Taylor & Francis.
Joyce, A. and Paquin, R. L. (2016) ‘The triple layered business model canvas: A tool to design more sustainable business models’, Journal of Cleaner Production. doi: 10.1016/j.jclepro.2016.06.067.
Partridge, D. (2016) ‘Artificial intelligence’, in The Curated Reference Collection in Neuroscience and Biobehavioral Psychology. doi: 10.1016/B978-0-12-809324-5.02995-3.
Planellas, M. and Muni, A. (2019) ‘Business Model Canvas’, in Strategic Decisions. doi: 10.1017/9781108665797.026.
Silva, B. N., Diyan, M. and Han, K. (2019) ‘Big Data Analytics’, in SpringerBriefs in Computer Science. doi: 10.1007/978-981-13-3459-7_2.
Teece, D. J. (2018) ‘Business models and dynamic capabilities’, Long Range Planning. doi: 10.1016/j.lrp.2017.06.007.
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